Foran Mining Corporation (
TSXV:
FOM) CEO Patrick Soares provided an update on the Company’s milestones and catalysts for the remainder of 2015. Foran Mining’s flagship project is the McIlvenna Bay Deposit, a large zinc-copper-gold-silver VMS deposit in the western extension of the Flin Flon mining belt in Saskatchewan. The Company recently announced
plans to begin metallurgical studies on the Bigstone deposit, which is located southwest of the McIlvenna Bay Deposit. Mr. Soares reported, “Having completed a
PEA at McIlvenna Bay, we saw the opportunity to do what we’ve been telling other people. We believe that the Hanson Lake Camp where McIlvenna Bay is located – we’ve got a lot of property there – and we believe, like Flin Flon itself, that this is a mining camp. Meaning that there’s more than one deposit. In Flin Flon there’ve been sixteen of these deposits mined, actually more than that discovered, and we decided to take a look at exploring some of the other possible projects or possible deposits near McIlvenna Bay. So early in 2015, we looked at two deposits: one being Bigstone, and then we made a discovery late in 2013, that we continue to do some more drilling on called the Thunder Zone. We had great success in both of those projects. Following that discovery, our catalyst for the rest of the year is we’ve decided that with Bigstone we’ve had long intercepts of high grade copper and good grade zinc that we’re going to do some metallurgy on that, and see exactly what the recoveries of these metals are. Then following that, we hope to update a resource and bring it up to current standards on Bigstone. If that all goes well, move right into a PEA for a standalone Bigstone mine… and if that works well, then the next step would be to integrate it with McIlvenna Bay and see how that improves the project economics with McIlvenna Bay.”
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